Feb 24 (Reuters) - Stock futures pointed to a lower opening
for Canada's main stock index on Wednesday as investors shied
away from riskier assets on the prospect of persistently low oil
prices, which raised concerns about weak global economic growth.
Oil prices slipped after Saudi Arabia effectively ruled out
output cuts by major producers and a U.S. industry report showed
crude stockpiles hit a record.
March futures on the S&P TSX index SXFc1 were down 1.24
percent at 7:30 a.m. ET.
Canada's main stock index fell on Tuesday as lower crude oil
prices weighed on energy stocks, while financials reversed
course after being lifted in earlier trade by
better-than-expected Bank of Montreal earnings.
Dow Jones Industrial Average e-mini futures 1YMc1 were
down 0.95 percent at 7:30 a.m. ET. S&P 500 e-mini futures Esc1
were down 0.90 percent and Nasdaq 100 e-mini futures NQc1 were
down 1.27 percent.
TOP STORIES
Royal Bank of Canada RY.TO reported a quarterly profit
that missed market estimates on Wednesday, hurt by weakness in
its insurance and capital markets businesses.
Encana Corp ECA.TO ECA.N cut its capital budget and
production target for 2016, and said it would slash more jobs as
the company struggles to cope with a steep fall in oil prices.
BlackBerry BBRY.O BB.TO said it has acquired U.K.-based
cyber security consultancy Encription, moving the company deeper
into the services business as it continues to morph into a more
software-focused entity amid its ongoing turnaround.
AT 7:30 a.m. ET Gold futures GCc2 : $1,236.10; +1.14 pct
US crude CLc1 : $30.74; -3.58 pct
Brent crude LCOc1 : $32.43; -2.52 pct
LME 3-month copper CMCU3 : $4,591.50; -1.15 pct
ANALYST RESEARCH HIGHLIGHTS
Altus Group Ltd AIF.TO : Canaccord Genuity raises target
price to C$27 from C$24; rating "buy"
Bank of Montreal BMO.TO : BofA Merrill Lynch raises target
to C$86 from C$84; rating "neutral"
Birchcliff Energy Ltd BIR.TO : CIBC raises target price to
C$7 from C$6
U.S. ECONOMIC DATA DUE ON WEDNESDAY
0945 Markit Composite Flash PMI for Feb: Prior 53.20
0945 Markit Services PMI Flash for Feb: Expected 53.5; Prior
53.2
1000 New home sales-units for Jan: Expected 0.520 mln; Prior
0.544 mln
1000 New home sales change mm for Jan: Expected -4.4 pct;
Prior 10.8 pct
($1= C$1.39)